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Restoring your reputation after you hiked prices by slashing them takes truly a long time: a couple of hours gameplay is what it took me, and I use fast speed quite a lot.
Alternatively you can launch one or more marketing campaigns aimed at increasing your reputation but that's not always an option if you need to be upon your budget like a hawk.
I hope somebody else has a better idea because to be honest I am a bit stuck at the moment and need to hike prices quite often...
There was no need to raise prices because patients don't pay anything at the particular hospital. You make your money by completing the tasks set by the health service, and those are not affected by price increase/decreases because they are not treatments/services.
You gain reputation by successful cures and completing those health service tasks. Rejecting or not completing a health service task gives you a negative hit to reputation.
So don't reject a task (like watering plants, filling vending machines, upgrading machines, training specific staff, etc) unless there is absolutely no way you can accomplish it.
Edit: And I just saw that you're on the map AFTER Duckworth. Sorry! Kakugo's advice is sound for your playstyle. I personally never raise prices on my hospitals, even when starting out. I always build the hospitals up really slowly and with purpose. Which takes a lot longer than a few hours, but I know many people don't have the patience for that, so I'm afraid I really don't know what to suggest. :(
I agree with using running Marketing Campaigns, but the cure rate for various illnesses also plays a part in overall reputation as well as Skilled Staff. So, use marketing but also make sure your staff is trained up the hilt. Be prepared for rep to creep up slowly though; once rep tanks down to price hikes, it takes a loong time to get repaired.